S&P rates One Hotels notes B-

S&P said it assigned a B- preliminary issue rating to the planned €500 million of senior secured notes due in 2031 to be issued by One Hotels GmbH. The preliminary recovery rating on the notes is 3, indicating meaningful recovery prospects (50%-70%; rounded estimate: 55%) for debtholders in default.

On Tuesday, the agency assigned a preliminary B- long-term issuer credit rating to One Hotels & Resorts GmbH and to its subsidiary One Hotels GmbH, and preliminary B- issue and 3 preliminary recovery ratings to One Hotels' proposed term loan B.

One Hotels intends to use the proceeds to finance One Hotels & Resorts GmbH's minority buyout of Motel One GmbH. On April 2, 2024, One Hotels & Resorts GmbH (via its subsidiary One Hotels GmbH) bought the 35% minority stake that it did not own in Motel One GmbH from Proprium Capital Partners for €1.25 billion.

The outlook is stable.

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